Aerospace & Defense Industry Insight Fall 2020

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Aerospace & Defense Industry Insight Fall 2020 Aerospace & Defense Industry Insight | Q3 2020 Aerospace, Defense, & Government Services – M&A Market Overview

Transactions by Buyer Type Selected Recent M&A Transactions

366 Date Status Target Size Buyer 301 294 299 73 09/24/2020 Announced - 45 59 33 235 41 Amentum entered into a definitive agreement to acquire Delta Tucker Holdings (d.b.a DynCorp) from Cerberus Capital Management, L.P. The transaction is expected to close in the fourth 293 quarter of 2020. 249 240 268 194 8/19/2020 Announced $827.0

2016 2017 2018 2019 YTD 3Q2020 KBR, Inc. (NYSE: KBR) announced it has entered into a definitive agreement under which KBR will acquire Centauri, LLC, a leading independent provider of high-end space, directed energy and Strategic Financial other advanced technology solutions.

Transactions by Industry 08/12/2020 Closed $350.0

366 CACI International Inc (NYSE: CACI) announced it has acquired Ascent Vision Technologies, LLC, a leading provider of technology and solutions that support multi-domain intelligence, 294 299 301 surveillance, and reconnaissance (ISR), unmanned aircraft system (UAS), air defense, and 111 counter-unmanned aircraft system (c-UAS) operations. 235 77 96 80 07/22/2020 Announced - 103 76 95 84 93 KPS Capital Partners, LP signed a definitive agreement to acquire AM General LLC from 70 MacAndrews & Forbes Holdings, Inc. Completion of the transaction is expected in the third or 152 fourth quarter of 2020. 122 137 110 89 07/01/2020 Closed $146.0 2016 2017 2018 2019 YTD 3Q2020 Pine Island Capital Partners acquired Meggitt Training Systems, Inc. from Meggitt PLC Aerospace Defense Government Services (LSE:MGGT) for approximately $150 million on June 30, 2020. Post acquisition, the Company was Source: Capital IQ rebranded as InVeris Training Solutions, Inc.

www.peakstone.com 1 Aerospace & Defense Industry Insight | Q3 2020 Peakstone Aerospace, Defense, and Government Services Indices

Peakstone Aerospace Indices Peakstone Defense & Government Services Indices

S&PAerospace 500 OEMs,Aerospace Small/Midsized OEMs Aerospace,Small/Midsized S&P 500, Aerospace Defense PrimeDefense Contractors, Prime Contractors Small/Midsized Small/Midsized Defense, Government Defense Services/TecGovernmenthno Serviceslogy

www.peakstone.com 2 Aerospace & Defense Industry Insight | Q3 2020 Top & Bottom Stock Price Performers — Q3 2020

AerospaceAerospace 10.0% 7.5% 5.5% 5.0% 5.0% 2.0% 0.0% -5.0% -10.0% -5.6% -15.0% -20.0% -19.8% -25.0% -21.0% -24.8% -25.8% -30.0% -27.7% TransDigm Howmet HEICO Airbus Ducommun Bombardier Spirit Embraer Hexcel Corp. Triumph Group Aerospace AeroSystems

DefenseDefense & Government & Government Services Services 30.0% 23.4% 21.1% 20.0% 6.7% 10.0% 5.0% 4.1% 0.0%

-10.0% -11.1% -20.0% -16.3% -19.3% -30.0% -22.7% -24.6% Kratos Defense Cubic Corp. Booz Allen Lockheed BAE Systems PAE Inc. Perspecta Inc. Huntington Vectrus AeroVironment Martin Ingalls

www.peakstone.com 3 Aerospace & Defense Industry Insight | Q3 2020 Public Trading Comparables by Sector

Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin %

Aerospace OEMs The Boeing Company $94,325 $123,559 1.9x NM NM NM 5% -2% Airbus SE $61,056 $67,857 1.0x 122.8x NM 34.6x 12% 0% Raytheon Technologies Corporation $92,704 $121,904 1.5x 8.8x 13.7x 20.7x 24% 16% Bombardier Inc. $624 $12,018 0.8x NM NM NM 5% -2% Embraer S.A. $844 $2,783 2.0x NM NM 0.0x 14% -15% Aerospace OEM Mean $61,056 $67,857 1.5x 65.8x 13.7x 20.7x 12% -2%

Aerostructures CPI Aerostructures, Inc. $28 $60 0.7x NM NM 7.3x 9% -4% FACC AG $276 $552 0.7x 7.6x 12.3x NM 10% 8% Hexcel Corporation $3,035 $3,967 2.2x 14.1x 29.8x 35.9x 20% 15% Latécoère S.A. $134 $309 0.5x NM NM NM 34% -4% Magellan Aerospace Corporation $322 $364 0.5x 4.0x 6.6x 10.4x 15% 14% Spirit AeroSystems Holdings, Inc. $2,026 $3,542 0.6x 15.9x NM NM 4% 4% Triumph Group, Inc. $365 $1,969 0.7x 7.0x 10.1x NM 20% 9% Aerostructures Median $322 $552 0.7x 7.6x 11.2x 10.4x 15% 8%

Components and Subsystems AMETEK, Inc. $24,697 $26,605 5.5x 19.4x 24.8x 27.1x 35% 27% CIRCOR International, Inc. $585 $1,047 1.2x 10.0x 26.0x 15.0x 31% 12% Crane Co. $3,131 $3,992 1.3x 7.6x 10.7x 12.5x 35% 16% Ducommun Incorporated $406 $704 1.0x 8.0x 12.8x 15.3x 21% 12% Kaman Corporation $1,211 $1,374 1.7x 10.8x 14.6x 20.0x 32% 16% Meggitt PLC $2,987 $4,286 1.6x 7.0x 10.1x 14.3x 34% 21% RBC Bearings Incorporated $3,047 $2,957 4.2x 15.7x 19.8x 32.9x 40% 26% Teledyne Technologies Incorporated $12,323 $12,927 4.1x 19.9x 25.4x 32.6x 39% 20% The Timken Company $4,462 $6,019 1.7x 8.8x 12.4x 14.8x 30% 18% Woodward, Inc. $5,243 $6,093 2.3x 13.1x 18.6x 29.4x 24% 16% Components and Subsystems Median $3,089 $4,139 1.7x 10.4x 16.6x 17.6x 33% 17%

Source: Capital IQ.

www.peakstone.com 4 Aerospace & Defense Industry Insight | Q3 2020 Public Trading Comparables by Sector

Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin %

Prime Defense Contractors BAE Systems plc $20,070 $24,634 1.0x 8.4x 10.9x 10.4x 63% 10% General Dynamics Corporation $40,310 $53,980 1.4x 9.5x 12.3x 11.9x 17% 14% Huntington Ingalls Industries, Inc. $5,975 $7,796 0.9x 7.2x 10.5x 10.2x 17% 11% Leonardo S.p.a. $3,209 $9,371 0.6x 5.0x 6.9x 5.4x 36% 10% Lockheed Martin Corporation $107,937 $117,791 1.9x 12.4x 14.1x 15.2x 13% 15% Northrop Grumman Corporation $52,485 $65,354 1.9x 14.1x 20.3x 13.3x 21% 12% Prime Defense Contractors Median $30,190 $39,307 1.2x 9.0x 11.6x 11.1x 19% 12%

Defense Electronics, Sensors, & C4ISR AeroVironment, Inc. $1,770 $1,466 4.0x 29.0x 42.8x 39.5x 40% 14% Cubic Corporation $1,830 $2,716 1.8x 17.3x 49.4x 15.8x 29% 9% Elbit Systems Ltd. $5,280 $6,199 1.3x 10.7x 17.9x 0.0x 26% 11% FLIR Systems, Inc. $4,916 $5,465 2.9x 12.4x 17.0x 17.1x 50% 22% L3Harris Technologies, Inc. $37,503 $43,394 1.8x 9.8x 13.7x 14.4x 28% 18% Kongsberg Gruppen ASA $2,873 $2,569 0.9x 8.6x 14.4x 21.0x 56% 9% Kratos Defense & Security Solutions, Inc. $2,589 $2,585 3.6x 38.9x 83.4x 46.0x 27% 8% Mercury Systems, Inc. $4,306 $4,151 5.2x 26.5x 42.6x 33.8x 45% 18% BWX Technologies, Inc. $5,613 $6,375 3.1x 14.1x 16.3x 20.1x 28% 21% Defense Electronics, Sensors, & C4ISR Median $4,306 $4,151 2.9x 14.1x 17.9x 20.1x 29% 14%

Government Services Leidos Holdings, Inc. $12,482 $17,556 1.5x 13.5x 17.7x 15.3x 14% 11% Booz Allen Hamilton Holding Corporation $11,303 $13,118 1.7x 15.4x 19.4x 21.9x 24% 10% CACI International Inc $5,416 $7,134 1.2x 10.6x 15.5x 15.2x 35% 10% Science Applications International Corporation $4,624 $7,573 1.1x 11.2x 17.4x 12.1x 11% 9% Perspecta Inc. $3,268 $5,929 1.3x 8.7x 23.1x 10.4x 22% 14% ManTech International Corporation $2,909 $3,018 1.2x 11.4x 19.3x 22.4x 15% 9% ICF International, Inc. $1,284 $1,894 1.3x 11.4x 19.5x 17.7x 36% 9% PAE Incorporated $859 $1,525 0.6x 12.9x 73.6x 15.8x 21% 2% Vectrus, Inc. $468 $486 0.3x 4.2x 10.6x 11.3x 9% 4% VSE Corporation $346 $633 0.9x 6.8x 10.4x 12.5x 11% 12% Government Services Median $5,020 $7,353 1.3x 11.3x 18.5x 15.3x 18% 10% Source: Capital IQ.

www.peakstone.com 5 Aerospace & Defense Industry Insight | Q3 2020 Public Trading Comparables by Sector

Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin %

Controls & Systems Astronics Corporation $243 $398 0.6x 6.6x 19.4x NM 22% 8% Curtiss-Wright Corporation $4,004 $4,821 2.0x 9.1x 12.6x 13.2x 36% 20% Eaton Corporation plc $43,463 $51,775 2.7x 16.9x 26.0x 25.3x 31% 15% Héroux-Devtek Inc. $273 $448 1.0x 6.6x 12.2x 17.1x 17% 14% Innovative Solutions and Support, Inc. $105 $82 4.1x 28.7x 34.2x 0.0x 55% 14% Moog Inc. $2,162 $3,124 1.1x 8.7x 12.7x 17.8x 26% 11% Parker-Hannifin Corporation $28,678 $36,538 2.7x 13.7x 17.7x 20.7x 26% 18% Controls & Systems Median $2,162 $3,124 2.0x 9.1x 17.7x 17.5x 26% 14%

Machined and Cast Parts Allegheny Technologies Incorporated $1,177 $2,279 0.6x 6.2x 9.7x NM 14% 10% Howmet Aerospace Inc. $8,069 $12,056 0.9x 5.8x 8.2x 30.2x 21% 14% Barnes Group Inc. $2,005 $2,652 2.0x 9.2x 13.6x 26.0x 38% 22% Lisi S.A. $954 $1,236 0.7x 4.7x 9.8x 36.2x 53% 14% Senior plc $278 $586 0.5x 5.0x 17.0x 51.3x 20% 9% SIFCO Industries, Inc. $22 $62 0.5x 21.0x NM 0.0x 8% 0% Machined and Cast Parts Median $1,066 $1,757 0.7x 6.0x 9.8x 30.2x 20% 12%

Maintenance, Repair, and Overhaul and Aftermarket (MRO) AAR Corp. $705 $921 0.5x 8.4x 26.3x 16.0x 13% 4% Signature Aviation plc $2,518 $4,854 2.6x 11.9x 30.5x 50.4x 19% 16% HEICO Corporation $14,161 $14,799 7.8x 28.6x 36.1x 58.1x 38% 26% MTU Aero Engines AG $9,554 $10,666 2.1x 12.4x 16.5x 24.8x 18% 14% Singapore Technologies Engineering Ltd $8,233 $9,505 1.6x 12.3x 18.4x 21.0x 21% 12% TransDigm Group Incorporated $26,633 $42,630 7.8x 17.6x 20.4x 47.4x 55% 44% MRO Median $8,233 $9,505 2.1x 12.3x 26.3x 24.8x 19% 14%

Source: Capital IQ.

www.peakstone.com 6 Aerospace & Defense Industry Insight | Q3 2020 Public Trading Comparables by Sector

Selected Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin %

Diversified Industrials & Engine Suppliers General Electric Company $60,135 $124,100 1.4x 12.4x 39.5x 51.2x 17% 10% Honeywell International Inc. $121,135 $129,083 3.7x 15.6x 18.5x 24.4x 33% 23% Rolls-Royce Holdings plc $5,499 $11,303 0.6x NM NM NM 0% -10% Safran SA $45,378 $49,916 2.0x 9.9x 15.1x 27.9x 47% 19% Textron Inc. $8,287 $11,104 0.9x 8.8x 14.0x 16.5x 14% 10% Diversified Industrials & Engine Suppliers Median $45,378 $49,916 1.4x 11.2x 16.8x 26.2x 17% 10%

Satellites, Satellite Services, and Space Systems Aerojet Rocketdyne Holdings, Inc. $3,083 $2,727 1.4x 9.4x 13.6x 21.6x 17% 14% Comtech Telecommunications Corp. $409 $543 0.9x 6.3x 15.1x 20.2x 37% 11% Maxar Technologies Inc. $1,739 $4,244 2.6x 10.6x NM NM 43% 21% Viasat, Inc. $2,330 $4,295 1.9x 10.3x 96.3x 37.8x 30% 15% Satellites, Satellite Services, and Space Systems Median $2,035 $3,486 1.6x 9.9x 15.1x 21.6x 33% 14%

Fixed Satellite Services Gilat Satellite Networks Ltd. $294 $245 1.1x 13.7x 49.4x 0.0x 30% 7% Intelsat S.A. $90 $4,601 2.3x 3.6x 7.2x NM 79% 66% Fixed Satellite Services Median $192 $2,423 1.7x 8.6x 28.3x 0.0x 55% 36%

Specialty Systems and Services Axon Enterprise, Inc. $6,720 $6,167 10.4x NM NM 90.8x 59% -2% CAE Inc. $4,177 $6,060 2.4x 12.1x 20.1x 45.8x 28% 18% Chemring Group PLC $910 $989 2.0x 10.4x 16.7x 18.3x 76% 19% MSA Safety Incorporated $5,593 $5,780 4.2x 18.7x 22.5x 30.6x 45% 21% Saab AB (publ) $4,036 $4,414 1.1x 9.7x 14.2x 14.5x 23% 10% Specialty Systems and Services Median $4,177 $5,780 2.4x 11.2x 18.4x 30.6x 45% 18%

Source: Capital IQ.

www.peakstone.com 7 Aerospace & Defense Industry Insight | Q3 2020 Selected Aerospace & Defense Industry Transactions

Transaction EV / Date Target / Issuer Size ($mm) Buyers / Investors EBITDA Transaction Comments Copley Equity Partners has made an investment to back the recapitalization and merger of Aethon Aerial Solutions and Flight Evolved. The combination creates one of the most technologically Aethon Aerial Solutions Inc. 09/30/2020 Flight Evolved LLC - - advanced aerial inspection companies dedicated to asset management for utilities in North (Copley Equity Partners) America. Flight Evolved manufactures sensors for unmanned aerial vehicles, helicopter-borne sensor systems, and data analysis software.

Lufthansa Bombardier Aviation Bombardier Inc. (TSX:BBD.B) entered into share purchase agreement to acquire additional 51% 09/29/2020 - Bombardier Inc. (TSX:BBD.B) - Services GmbH stake in Lufthansa Bombardier Aviation Services Gmbh from Lufthansa Technik AG. Avantus Aerospace Group Limited acquired Fastener Innovation Technology, Inc. The Company 09/29/2020 Fastener Innovation Technology - Avantus Aerospace Group - manufactures and sells fasteners to aerospace and electronics industries. FR Aviation Limited DRAKEN International, Inc. acquired FR Aviation Ltd. from Cobham Limited. FR Aviation provides 09/28/2020 - DRAKEN International, Inc. - (Cobham Limited) air defense training and aircraft engineering.

DC Capital Partners agreed to acquire Digital Force Technologies. The Company will become a Digital Force Technologies platform company in the DC Capital portfolio. The Company provides reconnaissance, 09/24/2020 - DC Capital Partners, LLC - (Raytheon BBN Technologies) surveillance, and communications solutions to the U.S. military, homeland security, and other government organizations.

Amentum entered into a definitive agreement to acquire DynCorp. from Cerberus Capital DynCorp Management, L.P. The Company provides information technology (IT) and outsourcing services to 09/24/2020 - Amentum Holdings LLC - (Cerberus Capital) government and commercial customers. The transaction is expected to close in fourth quarter of 2020.

Curtiss-Wright Corporation (NYSE:CW) entered into an agreement to acquire Pacific Star Curtiss-Wright Corporation Communications for $400 million. Pacific Star is a leading technology-based systems integrator 09/24/2020 Pacific Star Communications $400 - (NYSE:CW) that delivers advanced, reliable and interoperable tactical and enterprise communications systems to the military, federal, state and local government agencies.

Israel Aerospace Industries Ltd. signed an agreement to acquire 50% stake in BlueBird Aero Systems Ltd. from Piramal Technologies SA, Fiberless Access. BlueBird Aero engages in the design, 09/24/2020 BlueBird Aero Systems Ltd. - Israel Aerospace Industries Ltd. - development, and production of tactical unmanned aerial systems (UAS) and peripheral equipment for the military and special forces.

Groupe Gorgé SA (ENXTPA:GOE) agreed to acquire remaining 24.8% stake in ECA SA (ENXTPA:ECASA). ECA designs and develops robotic systems, training simulators, remotely 09/22/2020 ECA SA (ENXTPA:ECASA) €44 Groupe Gorgé SA (ENXTPA:GOE) - operated systems, and special equipment that support the homeland security, special forces, naval, and land and air force domains.

Snow Phipps Group, LLC, agreed to acquire Prototek Holdings LLC from CORE Industrial Partners Prototek Sheetmetal Fabrication 09/21/2020 - Snow Phipps Group - LLC. Prototek provides CNC machined and sheet metal fabricated parts and components for (CORE Industrial Partners) aerospace, defense, medical, robotics, electronics, consumer, and general industrial sectors.

Arotech Corporation has acquired UST-Aldetec. UST-Aldetec designs and manufactures RF 09/21/2020 UST-Aldetec Holding Company - Arotech Corporation - detection, frequency conversion, broadband amplification, and power management products and services.

www.peakstone.com 8 Aerospace & Defense Industry Insight | Q3 2020 Selected Aerospace & Defense Industry Transactions

Transaction EV / Date Target / Issuer Size ($mm) Buyers / Investors EBITDA Transaction Comments Design engineering solutions groWING.aero agreed to acquire design engineering solutions department of SR Technics 09/21/2020 department of SR Technics - groWING.aero - Switzerland AG. This is due the changing market environment where SR Technics has decided to Switzerland focus on engine services and line maintenance in Switzerland.

TT Group Industries, Inc. signed a definitive agreement to acquire Torotel, Inc. (OTCPK:TTLO) from a group of shareholders for $37 million. Torotel designs, manufactures, distributes, 09/21/2020 Torotel, Inc. $37 TT Electronics plc - markets, and sells various precision magnetic components for use in military, commercial aerospace, and industrial electronic industries.

Azimuth Technology (LongueVue Chumash Capital Investments LLC Chumash Capital Investments, LLC has acquired Azimuth Technology, LLC from Clavis Capital 09/17/2020 Capital Partners; Clavis Capital $827 (Santa Ynez Band of Chumash - Partners and LongueVue Capital, LLC. Azimuth provides tight-tolerance firearms components, Partners) Indians) and probes and protection systems for detecting improvised explosive devices.

Main Street Capital Holdings, LLC, a Pittsburgh-based private equity firm, announced that its Compass Precision portfolio company, Compass Precision, LLC, has acquired Gray Manufacturing Technologies, LLC. 09/09/2020 Gray Manufacturing Technologies, LLC - - (Main Street Capital) Gray is a leading manufacturer of precision metal components for the space, aerospace, and defense industries.

Avon Protection Systems, Inc. entered into an agreement to acquire membership interests of 09/09/2020 Team Wendy, LLC $130 Avon Protection Systems, Inc. 9.7x Team Wendy, LLC. Team Wendy manufactures and supplies helmets for military, law enforcement, search and rescue, and adventure sports markets.

Drone Volt SA (ENXTPA:ALDRV) acquired the remaining 49.8% stake in Aerial Group B.V. Aerial Group designs, produces, and services unmanned aircraft systems for a variety of end uses 09/09/2020 Aerial Group B.V. - Drone Volt SA (ENXTPA:ALDRV) - including drug and gas detection, fire fighting, search and rescue, surveillance, mapping, surveying, traffic monitoring, special weapons and tactics.

Applied Composites Holdings, announced today that it has acquired Alliance Space Systems, a Alliance Space Systems LLC Applied Composites Holdings, LLC leading, vertically integrated provider of high-performance composite structures and assemblies 09/03/2020 - - (SolAero Technologies Corp.) (AE Industrial Partners) for the commercial, civil and government satellite market. This marks the fifth acquisition of the Applied Composites platform created by AE Industrial Partners.

Volatus Aerospace Corp. entered into a share purchase agreement to acquire 45.4% stake in Partner Jet Corp. (TSXV:PJT). Partner Jet provides executive and private aviation services in 09/03/2020 Partner Jet Corp. (TSXV:PJT) - Volatus Aerospace Corp. - Canada including corporate and private aircraft operation and management, aircraft maintenance, charter, and aircraft acquisition support services.

MAST Technologies has been acquired by Integrated Polymer Solutions, a portfolio company of Integrated Polymer Solutions 09/02/2020 MAST Technology, Inc. - - Arcline Investment Management. MAST provides innovative RF, microwave and EMI absorbing (Arcline Investment Management) materials for integration into military and electronics solutions. Mollenhour Gross, LLC has recapitalized ADPma LLC in conjunction with its existing management. 08/27/2020 ADPma LLC - Mollenhour Gross, LLC - ADPma designs, engineers, produces, and sells proprietary aerospace components and parts to aircraft OEMs, airlines, and MROs. kSARIA Corporation has acquired CompuLink Inc. CompuLink Inc. manufactures fiber optic cables, 08/26/2020 CompuLink Inc. - kSARIA Corporation - wire harnesses, and custom molded cable assemblies for commercial and military applications.

www.peakstone.com 9 Aerospace & Defense Industry Insight | Q3 2020 Selected Aerospace & Defense Industry Transactions

Transaction EV / Date Target / Issuer Size ($mm) Buyers / Investors EBITDA Transaction Comments TP Group plc (AIM:TPG) acquired Osprey Consulting Services Limited. Osprey is a technical 08/25/2020 Osprey Consulting Services Limited $4.6 TP Group plc (AIM:TPG) 5.8x consultancy company that engages in operational and engineering support to commercial and military aviation projects.

Young Brothers Aviation and an unidentified private investor acquired majority stake in TAG 08/20/2020 TAG Aviation SA/TAG Aviation Asia $7 Young Brothers Aviation Ltd. - Aviation S.A. and TAG Aviation Asia Ltd. from TAG Aviation Holding S.A. TAG Aviation offers individualized flight planning, aircraft management, and technical services in Europe and Asia.

KBR, Inc. (NYSE: KBR) announced it has entered into a definitive agreement under which KBR will Centauri Corp. 08/19/2020 KBR, Inc. - acquire Centauri, LLC, a leading independent provider of high-end space, directed energy and (Arlington Capital Partners) other advanced technology solutions.

MAG Aerospace, Inc. has acquired Remotely Piloted Solutions LLC. The Company provides flight 08/17/2020 Remotely Piloted Solutions, LLC - MAG Aerospace, Inc. - courses, safety programs, instruction services, and UAV system consulting services.

AMAG Austria Metall AG (WBAG:AMAG) agreed to acquire 70% stake in Aircraft Philipp Übersee AMAG Austria Metall AG GmbH & Co. KG from Rolf Philipp. The transaction is expected to close in late autumn of 2020. 08/17/2020 Aircraft Philipp Übersee GmbH & Co. - - (WBAG:AMAG) Aircraft Philipp manufactures precision parts for the aerospace industry including aircraft structures and engine parts, and assemblies.

Consolidated Machine & Tool Holdings, a portfolio company of White Wolf Capital announced the Consolidated Machine & Tool acquisition of Waiteco Machine. Waiteco provides contract precision machining, fabrication, 08/14/2020 Waiteco Machine, Inc $10 Holdings, LLC - assembly, and design of highly engineered components for the aerospace, defense, and various (White Wolf Capital, LLC) other industries

CACI International has acquired Ascent Vision Technologies, LLC, a provider of technology and 08/12/2020 Ascent Vision Technologies, LLC $350 CACI International Inc (NYSE:CACI) - solutions supporting multidomain intelligence, surveillance, reconnaissance, unmanned aircraft systems, air defense and counter-unmanned aircraft system operations.

Aerobotix, Inc. and Shape Fidelity, Inc. have announced the finalization of a full stock merger. 08/06/2020 Shape Fidelity, Inc. - Aerobotix, Inc. - Shape Fidelity leads the industry with highly-customized, precision metrology solutions ranging from full-up aircraft and spacecraft to medical implants.

Gulfstream Aerospace Corporation entered into a definitive agreement to acquire G650/700 Assets of Triumph Group, Inc. (NYSE:TGI). The purchase includes supply chain management, 08/04/2020 G650/700 Assets of Triumph Group - Gulfstream Aerospace Corporation - engineering services, and related tooling, inventory, facilities, personnel, and warranty obligations.

Pittsburgh Electrical Insulation Inc. has acquired Electrical Products Division of Fibertek, Inc. The Electrical Products Division of 08/04/2020 - Pittsburgh Electrical Insulation - Division provides laser and electro-optic manufacturing solutions for space and defense Fibertek applications.

Arlington Capital Partners agreed to acquire Composites Business of Triumph Group, Inc. Composites Business of Triumph 08/03/2020 - Arlington Capital Partners - (NYSE:TGI). The operations cover approximately 800,000 square feet of factory space and employs Group approximately 600 people.

www.peakstone.com 10 Aerospace & Defense Industry Insight | Q3 2020 Selected Aerospace & Defense Industry Transactions

Transaction EV / Date Target / Issuer Size ($mm) Buyers / Investors EBITDA Transaction Comments Legacy Turbines, LLC entered into an asset purchase agreement to acquire substantially all the 07/30/2020 CT Aerospace, LLC $7 Legacy Turbines, LLC - assets of CT Aerospace, LLC for $6.9 million. CT Aerospace sells and leases aircraft engines and provides engine acquisition and shop visit management services.

Carboil Srl has acquired Skytanking Srl from Skytanking Holding GmbH. Skytanking provides 07/30/2020 Skytanking S.r.l. $31 Carboil S.r.l. - aviation fueling services including into-plane fueling, aviation fuel storage, hydrant management, and investment in aviation fuel facilities at airports and engineering.

Goldair Handling SA has acquired BHS Handling. Following this acquisition, BHS Handling will 07/30/2020 BHS Handling - Goldair Handling SA - operate in Budapest Airport under its new name Goldair BHS kft. BHS offers ground handling, aircraft, and air passengers services at airports.

CORE Industrial Partners LLC announced that it has formed a new platform called Incodema Holdings, LLC and has completed the acquisitions of Incodema, Inc., a precision sheet metal 07/29/2020 Incodema, Inc. and Newchem, Inc. - Core Industrial Partners, LLC - engineering solutions provider, and Newchem Inc. (“Newcut”), a leading photo chemical etching manufacturer. Both Incodema and Newcut serve diversified end markets with an expertise in the aerospace & defense, electronics and medical sectors.

Calspan Technology Holding Corporation announced the acquisition of Aero Systems Engineering, Aero Systems Engineering Inc. (ASE) in St. Paul, Minnesota. The new company will operate as Calspan Aero Systems 07/28/2020 - Calspan Holdings - (Gen Cap America, Inc.) Engineering, Inc. (Calspan ASE). AeroSystems Engineering, Inc. designs, develops, manufactures, and supplies testing and engineering products and services to the aerospace and energy markets.

Metal Finishing Technologies, LLC announced that it has received majority equity funding from 07/28/2020 Metal Finishing Technologies, LLC - Battle Investment Group - new investor, Battle Investment Group, LLC. MFT’s services include high-tech metal plating processes for aircraft engine components. The Company is an FAA Part 145 MRO station. Trive Capital acquired an unknown minority stake in Field Aerospace, Inc. Field Aerospace 07/27/2020 Field Aerospace, Inc. - Trive Capital - provides aircraft modification, design engineering, and avionics services. Signature Aviation plc (LSE:SIG) signed an agreement to acquire TAG Aviation FBO SA. The 07/27/2020 TAG Aviation FBO SA - Signature Aviation plc (LSE:SIG) - acquisition comprises two FBOs in Switzerland; the strategically important locations in Geneva and Sion, Switzerland, both Signature targets.

ARCH Global Precision has acquired Cling's Aerospace located in Tempe, Arizona. Cling's ARCH Global Precision LLC 07/22/2020 Cling's Aerospace, LLC - - Aerospace manufactures machined parts, custom-fabricated tubes, weldments, and assemblies (The Jordan Company) for the aerospace and defense industries.

KPS Capital Partners, LP signed a definitive agreement to acquire AM General from MacAndrews AM General LLC & Forbes Holdings, Inc. Completion of the transaction is expected in the third or fourth quarter of 07/22/2020 $146 KPS Capital Partners, LP - (MacAndrews & Forbes) 2020. AM General designs, engineers, manufactures, supplies, and supports specialized vehicles for military, commercial, and consumer sectors.

EDGE Group has acquired the remaining 40 percent stake in UAE-based military maintenance, Lockheed Martin's 40% Stake in repair and overhaul (MRO) firm AMMROC from Lockheed Martin. AMMROC is the region’s only 07/21/2020 Advanced Military Maintenance Repair $767 ` EDGE Group PJSC - authorized Lockheed Martin C-130 service center. It also provides MRO services for F-16 and is and Overhaul Center the depot MRO hub for comprehensive Black Hawk components.

www.peakstone.com 11 Aerospace & Defense Industry Insight | Q3 2020 Selected Aerospace & Defense Industry Transactions

Transaction EV / Date Target / Issuer Size ($mm) Buyers / Investors EBITDA Transaction Comments Compagnie de Développement agreed to acquire an additional majority stake in H&K AG Compagnie de Développement de 07/17/2020 H&K AG (ENXTPA:MLHK) - - (ENXTPA:MLHK). H&K AG develops, manufactures, markets, and distributes infantry and sidearms l'Eau S.A. for federal, state, or local governmental agencies in NATO countries and the European Union.

Bell Textron Inc. has acquired Zhenjiang Aerochine Aviation to increase Bell’s helicopter 07/16/2020 Zhenjiang Aerochine Aviation Limited - Bell Textron Inc. - maintenance, repair and overhaul (MRO) capabilities in China for the Bell 407 and 206 models. Bell also plans to expand capabilities to serve all operating and future models at this location.

QinetiQ Group plc has acquired Naimuri Limited. Naimuri provides technology, cyber and 07/14/2020 Naimuri Limited $33.3 QinetiQ Group plc (LSE:QQ.) - information security, business change consultancy, and training services for national security, intelligence, and law enforcement agencies in the United Kingdom.

Voyager Space Holdings, Inc. acquired Pioneer Astronautics. The Company provides contract 07/13/2020 Pioneer Astronautics - Voyager Space Holdings, Inc. - research and development services that primarily focus on inventing and developing technologies that enhance humanity’s reach into space and life on earth.

General Dynamics Ordnance and Tactical Systems, Inc. agreed to acquire the manufacturing Manufacturing Division of Medico General Dynamics Ordnance and 07/13/2020 - - division of Medico Industries Inc. The division will be absorbed into General Dynamics, and will Industries Inc. Tactical Systems, Inc. operate as General Dynamics-Ordnance and Tactical Systems.

Jet Linx, the leading private jet management and jet card membership company in the United Aircraft Management and Air Charter States, continued its strategic expansion in the New York tri-state region by acquiring Meridian's 07/08/2020 - Jet Linx Aviation LLC - Business of Meridian Aircraft Management and Air Charter business. Meridian is a full-service private aviation company headquartered at Teterboro Airport.

Bharti Global Limited and Hughes Network Systems, LLC entered into an agreement to acquire Hughes Network Systems, LLC; 07/03/2020 Oneweb Global Limited $1,100 - the business of Oneweb Global Limited for $1.1 billion. Oneweb Global Limited manufactures low- Bharti Global Limited orbit satellites that provide high-speed communications.

Gentex Corporation Gentex Corporation (NasdaqGS:GNTX) has acquired Aero Parts Australia Pty Ltd. The Company 07/02/2020 Aero Parts Australia Pty Ltd - - (NasdaqGS:GNTX) distributes Airline, Military and Life Support Equipment within Australia and New Zealand.

Aero Services Global Limited acquired AMF Precision Engineering Ltd. AMF has developed 07/02/2020 AMF Precision Engineering Ltd - Aero Services Global Limited - expertise in manufacturing and assembling parts used by companies in the aerospace, subsea and offshore, oil, gas and nuclear sectors, as well as for the U.K Ministry of Defense.

Pine Island Capital Partners completed the acquisition of Meggitt Training Systems, a supplier of Meggitt Training Systems, Inc. 07/01/2020 $146 Pine Island Capital Partners - integrated live fire and simulation weapons training systems. Post acquisition, the Company was (InVeris Training Solutions, Inc.) rebranded as InVeris Training Solutions, Inc.

Kongsberg Aviation Maintenance Services AS entered into an agreement to acquire Patria Kongsberg Aviation Maintenance Helicopters AS. Patria Helicopters, will be renamed Kongsberg Aviation Maintenance Services 07/01/2020 Patria Helicopters AS - - Services AS Bardufoss AS. The Company offers helicopter and aircraft maintenance services, and sells helicopter components, equipment, and spare parts.

www.peakstone.com 12 Aerospace & Defense Industry Insight | Q3 2020 Aerospace & Defense Industry Experience

Robert Peterson – Managing Director Representative Clients and Transactions Head of Aerospace & Defense Group • Small, multi-shareholder owned private company carveout sellside – Advised ▪ 25+ years of Investment Banking experience Maverick Molding on its sale to LOAR Group; Maverick specialized in high performance, high temperature composite material components for the ▪ Senior banker at Lehman Brothers, Barclays, KeyBanc, aerospace, power generation, and general industrial applications KPMG ▪ Led A&D sector practices as well as special situation • Large multi-industry company sellside to Private Equity (LBO) – Advised Firth transactions within the industrial sector Rixon on its sale to Oak Hill Capital; Firth Rixon specialized in closed-die and isothermal forgings of special alloys for the aerospace, power generation, oil & ▪ BS from the United States Merchant Marine Academy gas, defense, and transportation industries. ▪ MBA from Northwestern University • Public company to public company sellside – Advised Force Protection on its sale to General Dynamics; Force Protection specialized in military ground Stephen Sleigh – Managing Director vehicles. [email protected] • Quarterback/Lead arranger for Wesco Aircraft’s initial public offering; WAIR ▪ Stephen has 20 years of investment banking experience specializes in distribution and inventory management for military and at Lehman Brothers, Bank of America and Continental commercial aircraft manufacturers and MROs. Bank • Middle market company, private equity owned buyside – Advised Wyle on the ▪ Prior to Peakstone, Stephen was Head of Midwest acquisition of CAS from ITT. Wyle was a key government services contractor with Middle Market Investment Banking at Lehman Brothers a long history of critical support for NASA’s life sciences programs. ▪ BA from Grove City College ▪ MBA from Duke University

Alex Fridman – Managing Director [email protected]

▪ 20+ years of Investment Banking experience ▪ Over 100 completed transactions ▪ Lehman Brothers and Bank of America ▪ Completed over 70 M&A and financing transactions

www.peakstone.com 13 Aerospace & Defense Industry Insight | Q3 2020 Peakstone Momentum

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www.peakstone.com 14 Aerospace & Defense Industry Insight | Q3 2020 Contact Us

About Peakstone

Peakstone is an investment bank that specializes in mergers and acquisitions advisory and capital raising for middle market clients. Our team is comprised of senior investment banking professionals who have decades of experience and have executed hundreds of transactions totaling billions of dollars. For additional information, visit www.peakstone.com.

Contact

Alex Fridman Rob Peterson Stephen Sleigh Owen Moore Managing Director Managing Director Managing Director Analyst [email protected] [email protected] [email protected] [email protected] 312-204-7300 (201) 320-7843 (312) 346-7318 312-346-7346